New Delhi, April 23 -- Gensol Engineering's collapse under a wave of corporate misgovernance charges has brought to an abrupt halt its subsidiary BluSmart, the once-promising all-electric ride-sharing venture. While the parent company joins the growing roster of startups felled by promoter financial misconduct, BluSmart's shutdown draws attention to the travails of a business that had once promised an urban mobility revolution.

Since its inception in January 2019, BluSmart had built a loyal customer base for its dependable and environment-friendly service. Its demise leaves the field to the two heavyweights, Uber India and Ola along with a whole host of small, local platforms. In most other sectors, BluSmart would have immediately attrac...